The energy transition, decoded. Every week, three industry veterans explore the business models, tech breakthroughs, and market shakeups that are driving the biggest industrial transformation in history. The show offers a rare insider's view of the clean energy market.
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The energy transition, decoded
Wednesday, February 5, 2025 • Duration 07:22
The greatest industrial transformation in history is well underway — but it's going to be messy, contentious, and certainly not linear.
In the midst of a volatile political and economic era, Jigar Shah, Katherine Hamilton, and Stephen Lacey are reuniting to launch Open Circuit, a show that decodes the technology, business, and policy trends shaping clean energy and climate technologies.
You might recognize these voices — they were the original co-hosts of The Energy Gang.
Open Circuit brings together these three industry veterans to explain what's really accelerating the energy transition, from technological leaps and supply chain shifts, to market upheavals and policy setbacks.
Through sharp analysis and firsthand experience, they’ll break down how major projects come together, how deals and policies get structured, and what it takes to build critical infrastructure at scale.
Episodes drop on Fridays, starting February 14. Subscribe to Open Circuit wherever you get podcasts, or listen at Latitude Media.
The data center boom: ‘All the cheap power is gone’
Friday, February 21, 2025 • Duration 01:01:39
The tech industry is pouring $1.3 trillion into data centers globally over the next five years. While efficiency breakthroughs like the launch of DeepSeek's R1 reasoning model might reduce computing needs, the sheer scale of AI deployment means we're still facing historic demand growth. Data center electricity consumption doubled under Biden — and it's projected to triple by 2030.
In this episode, we examine how utilities, tech companies, and policymakers are grappling with the wave of data center development. We explore why the "mega-campus" model is giving way to smaller building blocks, how grid constraints are reshaping data center deployment, and why all new generation — whether it's solar, nuclear, gas, or geothermal — converges at $100 per megawatt-hour.
Then, we sit down with Peter Freed, Meta's former director of energy strategy, who explains how tech companies evolved from building single data centers to managing massive power portfolios. He shares insights about the critical window between 2027-2032 when data center load will hit the grid alongside broader electrification, and why that's driving new interest in nuclear, geothermal, and grid-enhancing technologies.
Along the way, we tackle some big questions: How are utilities handling the flood of speculative interconnection requests? What does Trump's $500 billion Stargate project mean for grid infrastructure? And most importantly: who's going to pay for all of this?
For transcripts and more on the stories we discuss in the show, subscribe to Latitude Media's newsletter. Plus, get your tickets to Transition-AI: Boston on June 12.
Credits: Co-hosted by Stephen Lacey, Jigar Shah, and Katherine Hamilton. Produced and edited by Stephen Lacey. Original music and engineering by Sean Marquand.
Trump's energy paradox
Friday, February 14, 2025 • Duration 52:40
The Trump administration wants energy abundance. But it just declared war on the fastest and cheapest ways to achieve it.
That's the central paradox emerging from the administration's first weeks in office, where a flood of executive orders, permit freezes, and funding delays are creating precisely the kind of uncertainty that could thwart its own energy goals.
In our first episode of Open Circuit, we sort through it all. We examine which threats are real, which ones are noise, and how to think strategically about this moment.
For more on the stories we discuss in the show, subscribe to Latitude Media's newsletter.
Credits: Co-hosted and produced by Stephen Lacey. Original music and engineering by Sean Marquand.
Musk takes a chainsaw to 'energy dominance'
Friday, February 28, 2025 • Duration 01:04:35
Elon Musk built Tesla with help from government loans and carbon credits. Today, he's swinging a chainsaw at the very agencies that launched his empire — while directly undermining President Trump's "energy dominance" agenda.
In this episode of Open Circuit, we examine the impact of the Department of Government Efficiency's indiscriminate cuts. When these cuts hit nuclear security teams and grid operators at the Bonneville Power Administration, officials had to hastily reverse course. What are the real-world impacts to critical infrastructure?
We also explore how a sweeping executive order could restructure federal energy regulation. FERC — traditionally an independent, technical body — will now require White House approval for decisions. How could it slow down decisions and impact electricity markets?
And at EPA, officials are attempting to claw back $20 billion in legally committed green bank funding, prompting a federal prosecutor to resign rather than pursue what she saw as a baseless investigation. What does the EPA's approach tell us about the administration's lack of strategy?
Then we turn to Texas, where market forces are telling a different story. Despite a $5 billion subsidy program for gas plants, developers are walking away. French energy giant Engie recently abandoned two projects, citing equipment shortages and rising costs.
Meanwhile, clean energy is thriving without subsidies. Solar and batteries set new performance records last year, with zero-carbon power now providing 47% of Texas electricity. What does Texas tell us about the role of gas in the new era of load growth?
Open Circuit is brought to you by On.Energy. As one of the fastest-growing battery storage IPPs, On.Energy delivers turnkey resiliency solutions for utilities and enterprise customers. Whether you’re managing data centers or local grids, we help bring storage to your fleet. Learn more at on.energy.
For transcripts and more on the stories we discuss in the show, subscribe to Latitude Media's newsletter.
Credits: Co-hosted by Stephen Lacey, Jigar Shah, and Katherine Hamilton. Produced and edited by Stephen Lacey. Original music and engineering by Sean Marquand.
Is Wall Street in climate retreat?
Friday, March 7, 2025 • Duration 01:08:02
Major U.S. financial institutions are backing away from climate commitments – all six largest American banks have exited the Net-Zero Banking Alliance, BlackRock has quit comparable initiatives, and the Federal Reserve has withdrawn from climate risk assessment networks. Is this merely rebranding for the Trump era, or a fundamental shift in how finance approaches sustainable investments?
In this episode of Open Circuit, we examine what's driving this retreat — from political and legal pressures to economic realities. Despite the public pullback, investment data shows a more nuanced picture, even as institutions shift from decarbonizing portfolios to "de-risking” portfolios. We’ll also take a look at the market correction for private equity investments in clean energy.
Then, we dive into the ongoing debate about Bidenomics, sparked by economist Jason Furman's recent Foreign Affairs critique. Did the Inflation Reduction Act's climate provisions represent inefficient economic policy? Co-hosts Jigar Shah and Katherine Hamilton, who helped craft and implement the IRA, provide perspectives on design, implementation, and early results.
For transcripts and more on the stories we discuss in the show, subscribe to Latitude Media's newsletter.
Open Circuit is supported by Kraken, the only proven, AI-powered operating system for utilities. Learn how Kraken helps unlock excellent customer experiences, increased innovation and reduced operational costs at kraken.tech.
Open Circuit is brought to you by On.Energy. As one of the fastest-growing battery storage IPPs, On.Energy delivers turnkey resiliency solutions for utilities and enterprise customers. Whether you’re managing data centers or local grids, we help bring storage to your fleet. Learn more at on.energy.
Credits: Co-hosted by Stephen Lacey, Jigar Shah, and Katherine Hamilton. Produced and edited by Stephen Lacey. Original music and engineering by Sean Marquand.
Does residential solar have a bad product?
Friday, March 14, 2025 • Duration 49:15
The residential solar industry is facing its most challenging period in years. High interest rates, sweeping policy change, and stubbornly high customer acquisition costs are all causing a contraction after years of rapid growth.
In this episode of Open Circuit, we examine this market transition. We’ll look at how the industry may emerge from the current downturn — through cost reduction, community-driven models, and evolving beyond a “bad product” to something that provides real grid services.
We’ll also talk about troubles at Sunnova, and what it means for the company’s $3 billion DOE loan guarantee.
Plus, as data centers get creative about sourcing power, a novel solution: off-grid solar microgrids that could bypass grid constraints entirely. Recent analysis shows hybrid solar-gas systems could deliver power at costs competitive with conventional options. Is this an answer to the AI power crunch?
Sign up for our merch sweepstakes here. And sign up for our live episode on April 16 here.
Open Circuit is supported by Kraken, the only proven, AI-powered operating system for utilities. Learn how Kraken helps unlock excellent customer experiences, increased innovation and reduced operational costs at kraken.tech.
Open Circuit is brought to you by On.Energy. As one of the fastest-growing battery storage IPPs, On.Energy delivers turnkey resiliency solutions for utilities and enterprise customers. Whether you’re managing data centers or local grids, we help bring storage to your fleet. Learn more at on.energy.
Credits: Co-hosted by Stephen Lacey, Jigar Shah, and Katherine Hamilton. Produced and edited by Stephen Lacey. Original music and engineering by Sean Marquand.
Tariffs, localization, and a new global energy order
Friday, April 4, 2025 • Duration 01:00:45
It's fair to say the last decade was the climate era of the energy transition. From the Paris Agreement to corporate net zero pledges, reducing carbon emissions dominated the global framework for deploying clean energy. But something profound is shifting.
In this episode of Open Circuit, we explore how a new security-driven paradigm is replacing climate as the primary driver of energy investments. As supply chains fractured during the pandemic, Russia weaponized natural gas to Europe, and America's role in global trade changes, countries everywhere are asking: not just "how clean is our energy," but "how secure is it?"
We dissect a new investment thesis, called The New Joule Order, arguing energy security could accelerate clean energy adoption faster than the net-zero framework ever could. We examine the historical context of America's changing role in global energy security since World War II, and how the current fracturing of global trade is forcing all countries to think differently about energy systems.
We also examine whether investors are replacing "green versus brown" investment strategies with "tolling versus trading" strategies. Understanding how these assets generate revenue and respond to economic conditions may provide investors with a clearer roadmap during this transition — where certainty is increasingly hard to find.
Plus, we examine the growing chaos in Washington as the Trump administration targets billions in clean energy programs. Multiple "hit lists" circulating through federal agencies are aimed at canceling grants and loans to hydrogen, storage, and transmission projects — mostly in blue states. We explore what this means for America's role in the security-focused energy future.
Sign up for our live virtual show on April 16 at 1:00 PM Eastern.
We'll also be live in person at Latitude's Transition-AI conference on June 12th in Boston with special guest Caroline Golin of Google.
Open Circuit is supported by Kraken, the only proven, AI-powered operating system for utilities. Learn how Kraken helps unlock excellent customer experiences, increased innovation and reduced operational costs at kraken.tech.
Open Circuit is brought to you by On.Energy. As one of the fastest-growing battery storage IPPs, On.Energy delivers turnkey resiliency solutions for utilities and enterprise customers. Whether you’re managing data centers or local grids, we help bring storage to your fleet. Learn more at on.energy.
Five years later: the pandemic's energy legacy
Friday, March 21, 2025 • Duration 53:18
Five years ago, as lockdowns swept the globe, we witnessed an energy shock that destroyed oil demand, upended electricity demand patterns, and dropped global emissions by staggering levels overnight.
In this episode of Open Circuit, we revisit predictions made during those early uncertain days and examine three major paradoxes that emerged.
First, how staying home rewired our physical and digital lives in ways that created surprising energy impacts. While transportation emissions initially plummeted, the widely predicted "death of cities" never materialized. Instead, we saw a complex reshuffling of urban populations, longer but less frequent commutes, and a data center boom that transformed tech companies into sophisticated energy players.
Then we explore how renewables defied expectations, growing 45% in 2020 despite supply chain chaos and project delays. As oil prices whipsawed, the volatility demonstrated the appeal of zero-fuel-cost clean energy, sparking the biggest investment boom in history. Yet public renewable companies have since been hammered in markets, revealing a disconnect between deployment reality and investor sentiment.
Finally, we analyze how the pandemic fractured the global policy response. While the EU embedded climate into its recovery, the US passed landmark clean energy legislation, and China accelerated both renewables and coal, the crisis also sparked deeper resistance to government intervention that continues to shape politics worldwide. Will the massive investments in decarbonization outweigh the policy whiplash we're now seeing?
Sign up for our merch sweepstakes here. And sign up for our live episode on April 16 here.
Open Circuit is supported by Kraken, the only proven, AI-powered operating system for utilities. Learn how Kraken helps unlock excellent customer experiences, increased innovation and reduced operational costs at kraken.tech.
Open Circuit is brought to you by On.Energy. As one of the fastest-growing battery storage IPPs, On.Energy delivers turnkey resiliency solutions for utilities and enterprise customers. Whether you’re managing data centers or local grids, we help bring storage to your fleet. Learn more at on.energy.
Credits: Co-hosted by Stephen Lacey, Jigar Shah, and Katherine Hamilton. Produced and edited by Stephen Lacey. Original music and engineering by Sean Marquand.
Energy dominance meets economic chaos
Thursday, April 10, 2025 • Duration 53:33
President Trump promised energy dominance. But his sweeping new tariffs are delivering the opposite – creating unprecedented uncertainty for every sector of the energy economy.
Faced with a market in revolt, the president blinked. Just hours after his tariffs went into effect, he put a 90-day pause on reciprocal tariffs, keeping a 10% baseline tariff and a 125% tariff on China.
In this episode of Open Circuit, we examine the contradictions at the heart of the administration's economic agenda. With trade expert John Smirnow, we explore how the "biggest trade shock in history" is upending global supply chains, raising costs, and complicating America's energy future.
We dive into the philosophy driving trade populism — a growing intellectual movement now reaching the height of power. Smirnow explains the three-part strategy behind these tariffs: rebuilding domestic manufacturing, enhancing national security, and containing China's influence on global supply chains.
We unpack the mechanics of how these tariffs will impact clean energy specifically. Plus, we examine whether these tariffs signal a temporary disruption or the beginning of long-term U.S. policy. Will they accelerate reshoring of production or simply raise costs while slowing deployment? And how do businesses make investment decisions when policy signals are deeply contradictory and unstable?
Sign up for our live virtual show on April 16 at 1:00 PM Eastern.
We'll also be live in person at Latitude's Transition-AI conference on June 12th in Boston with special guest Caroline Golin of Google.
Open Circuit is supported by Kraken, the only proven, AI-powered operating system for utilities. Learn how Kraken helps unlock excellent customer experiences, increased innovation and reduced operational costs at kraken.tech.
Open Circuit is brought to you by On.Energy. As one of the fastest-growing battery storage IPPs, On.Energy delivers turnkey resiliency solutions for utilities and enterprise customers. Whether you’re managing data centers or local grids, we help bring storage to your fleet. Learn more at on.energy.
Credits: Co-hosted by Stephen Lacey, Jigar Shah, and Katherine Hamilton. Produced and edited by Stephen Lacey. Original music and engineering by Sean Marquand.
A tsunami of uncertainty for clean energy
Friday, April 18, 2025 • Duration 58:57
The business world is facing a tsunami of uncertainty. Across nearly every industry, investment is seizing up amid unpredictable tariffs and contradictory domestic policies.
In this week’s episode of Open Circuit, we examine how this compounding uncertainty is impacting clean energy during a critical moment of spiking demand and rising costs.
We dissect the signals from the market, revealing that despite the chaos, certain sectors are finding unexpected advantages. While utility-scale projects face delays, distributed generation is experiencing renewed interest as companies seek certainty through on-site solutions. Virtual power plants and grid-enhancing technologies may emerge as clear winners in an environment where traditional infrastructure planning has become extremely difficult.
Plus, we play a round of "Transmission Lines," testing our hosts' knowledge of the news through provocative energy quotes, and take live audience questions about the volatile landscape.
Open Circuit is supported by Kraken, the only proven, AI-powered operating system for utilities. Learn how Kraken helps unlock excellent customer experiences, increased innovation and reduced operational costs at kraken.tech.
Open Circuit is brought to you by On.Energy. As one of the fastest-growing battery storage IPPs, On.Energy delivers turnkey resiliency solutions for utilities and enterprise customers. Whether you’re managing data centers or local grids, we help bring storage to your fleet. Learn more at on.energy.
Credits: Co-hosted by Stephen Lacey, Jigar Shah, and Katherine Hamilton. Produced and edited by Stephen Lacey. Original music and engineering by Sean Marquand.
